CVS Unit Omnicare Gets $250 Million Bankruptcy Sale Approval

Omnicare LLC, a bankrupt unit of CVS Health Corp. specializing in service to long-term care facilities, won a federal court’s approval to sell its assets for $250 million to a joint venture called GenieRx Holdings.

Judge Stacey G.C. Jernigan of the US Bankruptcy Court for the Northern District of Texas granted sale approval at a hearing Wednesday, capping a court-supervised asset marketing process that began late last year. Under the sale agreement, a joint partnership between private investment firm Milrose Capital LLC and healthcare investment and management firm Integro Asset Management LLC will provide a cash payment and assume up ...